Filmmaker Mahesh Bhatt, known for his sensitive and provocative human dramas, told the AFP news agency that cameras would begin to roll in August.
The film is provisionally titled Jannat, which means Paradise.
Bhatt said it would be a love story set against the backdrop of international cricket.
"Betting and match fixing will be brought to light and there will be songs," he said.
No stars have been announced but newcomer Kunal Deshmukh is pencilled in to direct, with Bhatt taking a production role.
He added: "Woolmer will not be named. We are using a fictional situation, but the people will see the obvious connection."